EMCORE Co. (NASDAQ:EMKR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.

According to Zacks, “EMCORE Corporation offers a broad portfolio of compound semiconductor- based products for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE’s Fiber Optic segment offers optical components, subsystems and systems for high-speed data and telecommunications networks, cable television and fiber-to-the-premises. EMCORE’s Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide solar cells, Covered Interconnect Cells and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar power concentrator systems. “

Several other research analysts have also weighed in on the stock. B. Riley restated a “neutral” rating and set a $10.50 target price on shares of EMCORE in a research report on Wednesday. BidaskClub lowered shares of EMCORE from a “buy” rating to a “hold” rating in a research report on Saturday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $11.00.

EMCORE (NASDAQ EMKR) traded down 1.56% during midday trading on Wednesday, hitting $9.45. 310,409 shares of the stock traded hands. The company has a market cap of $253.52 million, a P/E ratio of 37.80 and a beta of 0.62. The company’s 50 day moving average is $11.10 and its 200-day moving average is $9.86. EMCORE has a one year low of $4.92 and a one year high of $12.20.

EMCORE (NASDAQ:EMKR) last issued its earnings results on Thursday, August 3rd. The semiconductor company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. EMCORE had a net margin of 7.87% and a return on equity of 8.47%. The company had revenue of $30.95 million for the quarter, compared to analyst estimates of $30.04 million. EMCORE’s revenue was up 38.2% compared to the same quarter last year. On average, equities research analysts forecast that EMCORE will post $0.53 EPS for the current fiscal year.

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In other EMCORE news, CFO Jikun Kim sold 20,504 shares of the company’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $11.25, for a total transaction of $230,670.00. Following the transaction, the chief financial officer now directly owns 39,036 shares in the company, valued at $439,155. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.77% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. State Street Corp increased its stake in shares of EMCORE by 33.6% in the fourth quarter. State Street Corp now owns 378,474 shares of the semiconductor company’s stock valued at $3,290,000 after buying an additional 95,153 shares during the period. Metropolitan Life Insurance Co. NY acquired a new stake in shares of EMCORE during the fourth quarter valued at about $172,000. Kempner Capital Management Inc. increased its stake in shares of EMCORE by 20.0% in the first quarter. Kempner Capital Management Inc. now owns 15,000 shares of the semiconductor company’s stock valued at $135,000 after buying an additional 2,500 shares during the period. Bank of Montreal Can acquired a new stake in shares of EMCORE during the first quarter valued at about $166,000. Finally, Mesirow Financial Investment Management Equity Management increased its stake in shares of EMCORE by 6.4% in the first quarter. Mesirow Financial Investment Management Equity Management now owns 43,945 shares of the semiconductor company’s stock valued at $396,000 after buying an additional 2,645 shares during the period. 74.54% of the stock is currently owned by institutional investors.

About EMCORE

EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment.

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